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How/where can I sell a Gold old coin (probably has collectible value?

How do I sell a gold Krugerrand?

  • Hypothetical situation:  I'm busking on the street, 'cos I'm quite poor.  Someone drops a gold Krugerrand into my basket. Now, I don't have a bank account, and EBay is not an option.  How do I turn that thing into maximum cash value in a reasonably short time?  Obviously, its currency value is ridiculously low, but is it likely to be worth more as coin, or as metal?

  • Answer:

    Go to a place that buys and sells Bullion (precious metals).  They exist everywhere and they pay cash.  Worst case they may ask for ID, but since the amount is below $10K (federal reporting limit) you can find people who will just buy it no questions asked.  If you do not find a bullion place, go to a pawnshop- they will also give you cash. The better organized you are and the more decent you look, the better you will get treated and paid.  Look like you belong.  If you are getting screwed you should still be able to get within 5% for the London Spot Gold price for one troy ounce.  RIght now your Krugerand is worth at least $1000.  It is worth its weight in gold (1 troy ounce).

Sanjay Sabnani at Quora Visit the source

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Other answers

If you have a loved one or a friend who is in better financial shape than you, offer to sell it to them. That would likely be the easiest and fastest way to get cash for the item. You give them the coin; they give you a check or cash. That way you don't have to fill out any KYC (Know Your Customer) paperwork and you won't have to answer too many nosy questions (usually) about how you received the coin

Jon Mixon

I'd take it to a precious metals broker to sell. There's a sizable premium on physical precious metals like that at the moment. Whatever you do, don't send it into a typical gold buyer, as they're just going to give you melt value minus commission, whereas you can sell it for more to a PM broker who can sell it for a premium to another buyer. Check this out for more. I have a whole website on this subject. http://www.webuygoldreviews.com/

Sean Rohan

You should definitely look to sell specialist coins to a specialist gold buyer as opposed to a pawn shop to get the best price. Krugerrands are always valuable to gold buyers for the high gold content they contain so you can get a great price if you shop around for quotations at a number of gold buyers, ideally online and offline.

Ahmet Soormally

You have several good answers here and the times have not changed much. A Krugerrand is worth the current spot price, usually no more. Some dealers will charge a small buy back premium. Normally it is nominal, if not find somewhere else to sell it. Know the current spot price and insist on getting very close to it. You will see on http://www.collinsbrowne.com/recommends/BuyGoldthat they will currently buy it for $4 above spot. Consider that you must get it there you will be a bit below spot. If you can find a local dealer there is no delivery costs involved. Pawn shops, and some jewelers buy and deal in gold, look for one in your area. If they do not ask them who does, it is a close community. Gun shows can also a great place to buy and sell gold coins also.

Collins Browne

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